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Madoff Will Plead Guilty

Madoff victims, rejoice: On Thursday, the alleged Ponzi schemer will plead guilty to fraud charges, his lawyer said at a court hearing today. “There is no plea agreement,” Assistant US Attorney Marc Litt said. As such, Bernie has to plead guilty to all 11 criminal charges he faces, including securities fraud, mail fraud, wire fraud, three counts of money laundering, and filing false statements with the Securities and Exchange Commission, Litt said. Madoff, who is free on $10 million bail after allegedly defrauding investors of $50 billion, has been expected to plead guilty since last week and is likely to spend the rest of his life in prison.